Custer chronicle. [volume] (Custer City, Black Hills, D.T. [S.D.]) 1880-1890, 1887-12-17

sell may unreasonably enhance the cost Of
such bonds to the government.
1t has been suggested that the present
bonded debt might be refunded at a less rate
of interest, and the difference between the
old and new securities paid III cash, thus
finding use for the surplus in the treasury.
The success of this plan, it is apparent, must
be founded on the volition Of the holders of
the present bonds, and it is entirely certain
that the inducement which must be offered
them would result in more financial benefit
to the government than the purchase Of
bonds. While the latter proposition would
reduce the principal Of the debt
by ACTUAL PAYMENT,
instead of extending the proposition to de-
post money held by the government in
banks throughout the country for use
by the people, il is, it seems to me, an
exceedingly Objectionable principle, as reach
ing too close q relationship between the Oper-
atoms CT the government and the business
OF the country, and too extensive n coming
line OF their money, thus fostering an un-
natural reliance of private business upon
public funds. IL this scheme should be
adopted, il should only be done as a tenn
porary expediont, and TO meet the necessity
Legislative and executive effort should gem
orally be III the opposite direction, and
should have n tendency to divorce as much
and as fast as can safely be done the treas
ury department from private enterprises.
OF course, 1T Is not expected that unnec-
essary and eXtrGvagaut operations will be
made for the purpose Of avoiding the ac-
emulation of an excess of revenue such
expenditure being III Generalization Of oil
just conceptions of public duty, which IL en-
tails, and emulates q reckless improvidence
not III the least consistent with the mission
Of our people, or the high and beneticent pur-
pose OF our government.
i have deemed it my duty thus to bring to
the knowledge of my countrymen, rs well
rs to the attention of their representatives.,
the responsibility Of legislative acts, the
GRAVITY OF U FINANCIAL SITUATION.
The failure Of the congress heretofore to
provide against the dangers which it was
quite evident the very nature of the diff
Guilty must necessarily produce, caused q
condition of financial distress and appre-
hension since the last adjournment which
taxed to the utmost all the authority and
eIpedlents within executive control, and
these appear now to be exhausted. If dis
aster results from the continued inactivity
of congress-, the responsibility must rest
where il belongs. The situation, thus far
considered, Is fraught with danger, which
should be fully realized, and the present
features, wrong to the people as well as to
the country, are but a result growing out of a
perfectly palpable and apparent cause, con-
stantly reproducing the same alarm
ing circumstances-a cOngested national
treasury and q depleted monetary con-
dition in the business Of the country.
1t needs hardly to be stated that while the
present situation demands a remedy, we
can only be saved from n predicament by a
Of taxation, by which this needless surplus
is taken from the people and put into the
public treasury, consists of a tariff Of duties
levied on importations from abroad, and in
ternal revenue taxes, levied On the con-
sumption of tobacco and spirituous and mails
liquors. 1t must be conceded that hone OF
these things subjected to internal revenue
taxes are, strictly speaking, necessary, and
it so appears not TO be a just cause of com
plant with consumers of the articles, and
there seems to be nothing so well able TO
bear the burden. without hardship to any
portion of the people.
BUT OUR PRESENT TARIFF LAWS,
the various inequitable and illegal source Of
unnecessary exactlon, ought to be at once
revised and amended. These laws, as to
their primary and plain effect, increase tho
price TO consumers of all articles imported
and subjected TO duty by preciSel the sum
paid for such duties. Thus the amount of
duty measures the tax paid by those who
purchase for use these imported articles.
Many of these things, however, are raised
or manufactured in our own country, and
the duties now levied upon foreign goods
and products are called protection to these
home manufactures because they render 1t
possible for those Of our people who are
manufacturers to make these taxed articles
and sell them for a price equal to that de-
manded for the imported gooCs that have to
pay customs duty. SO it happens that while
comparatively few use imported articles,
millions OF our people, who never use and
never saw any of the foreign products,
purchase and use things of the same kind
made in this country and pay therefor
nearly or quite the same enhanced price
which the duty adds to the imported articles.
Those who buy imports pay the duty charged
thereon into the public treasury, but
the great majority of our citi-
of the same class, pay a sum AZ least APP
proximntely equal to this duty to home
manufacturers
This reference to tho operation of our laws
il not made by way of instructions, but in
order that we may be constantly reminded
of the manner in which they impose a bur
den upon those who consume domestic pro-
ducts, as we'll as those who consume i'm
ported articles, and thus create a tax on all
our people. 1t Is not proposed TO
TIREL RELIEVE THE COUNTRY
Of this tax. It must be extensively continued
as the source of the government S income;
and in q readjustment upon the tariff in
terest American labor, engaged in mani
features, should be carefully considered, as
well as the preservation of our manufactCr-
lea. 1t may be called protection, or by any
other name, but relief from the hardShips
and dangers of our present tariff laws
should be devised with especial precaution
against imperiling the existence of our
manufacturing interests: but the existence
should not mean a condition. which,
without regard to the public welfare or q
national exigency, must always insure a
realization Of the immense profits, instead
of moderately profitable returns. As the
volume and diversity of our national activi-
ties increase, new recruits are added to those
who desire a continuation of the advantages
which they conceive the present system of
tariff taxation directly affords them. So
stubbornly have all efforts to reform the
present condition been resisted by those of
our fellow citizens thus engaged, that they
can hardly complain of the suspicion enter
tanned to ascertain TO what extent there ex-
lists an organized combination, all along the
line, to maintain their advantage.
We are III the midst of centennial celebra-
tons, and with becoming pride we rejoice in
American skill and ingenuity, in American
energy and enterprise, and the wonderful
natural advantages and resources developed
by a century 3 national growth. Yet when
an attempt ia made to Justify a scheme
which permits a tax to be laid
upon every consumer in the land,
for the benefit of our manufacturers,
quito beyond a reasonable demand for gov
ernmental regard, it suits the purposes OF
manufacturers and infant industries still
needing the highest and greatest degree Of
care that can be wrung from federal leg
i~slotion If that